USD will be under pressure when the Fed will soon cut interest
The spot price of gold on the international market suddenly decreased when the US announced negative economic data, but in the evening session of June 5, gold fluctuated according to the rules.
The report notes that the US economy saw modest job growth across the board, across all sectors. However, the biggest decline was in the manufacturing sector. The sector lost 20,000 jobs last month.
Previously, the US also recorded a decline in consumer activity, with retail sales in April much lower than expectations, thereby slowing down the country's economy.
With a weaker economy, the US Federal Reserve (Fed) may have to cut interest rates soon after a long delay. The USD will therefore be under downward pressure, thereby pushing gold prices up.
However, the USD is still quite firm, almost not decreasing following the signal of the possibility of the Fed soon reducing interest rates.
The report notes that the US economy saw modest job growth across the board, across all sectors. However, the biggest decline was in the manufacturing sector. The sector lost 20,000 jobs last month.
Previously, the US also recorded a decline in consumer activity, with retail sales in April much lower than expectations, thereby slowing down the country's economy.
With a weaker economy, the US Federal Reserve (Fed) may have to cut interest rates soon after a long delay. The USD will therefore be under downward pressure, thereby pushing gold prices up.
However, the USD is still quite firm, almost not decreasing following the signal of the possibility of the Fed soon reducing interest rates.
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